The sale generated a big return for Northwood, which took control in 2012 in a deal that valued the 16-story building at $95 million.

The deal comes amid a record pace for office building sales in Chicago this year, led by the city-record $1.3 billion sale of the 110-story Willis Tower and the pending $712 million sale of the 83-story Aon Center. Midway through 2015, Chicago sales totaled almost $4.2 billion, on pace to shatter the $5.3 billion record from 2006.

Northwood provided an injection of cash in 2012 to recapitalize the 524,800-square-foot structure at 525 W. Van Buren St., which had been hindered for years by a recession and a tenant-in-common ownership structure. In a TIC, a large group of investors own slices—a structure that has fallen out of favor because it is viewed as unwieldy.

A Northwood spokesman did not return a call.

The Congress Center’s TIC owners paid $136.1 million, or about $260 per square foot, for the building in 2003.

In 2012, with the building’s owners facing disputes from their lenders, their tenants and their contractors, the Northwood venture negotiated to take over a controlling interest in the property. Northwood assumed a commercial mortgage-backed securities (CMBS) loan with a remaining balance of just over $87 million, negotiating the balance down to $71.3 million, according to a Bloomberg loan report.

After replacing that debt last year with a new $79.9 million loan from New York Life Insurance, Northwood early this year hired the Chicago office of HFF to broker a sale of the building.

The building was about 22 percent vacant when it went up for sale, according to an HFF flier on the property. A recent renovation by Northwood added amenities such as fitness and conference centers and a bike room, according to the flier.

The largest tenant, the Government Services Administration, leases 187,620 square feet, or about 36 percent of the building, according to HFF.

AEW and its affiliates managed $35.7 billion invested in real estate and securities in North America, Europe and Asia as of March 31, according to its website.